Snap Inc.’s Stunning NYSE Debut

Snap Inc., which owns the popular messaging app Snapchat, launched shares on Thursday and is already making impressive moves on the New York Stock Exchange, after raising $3.4 billion through its I.P.O.

In its first day, shares for the company’s stock jumped from $17 to $24, a nearly 50 percent increase. Major investors in the photo sharing app include NBCUniversal, who invested $500 million on Friday according to the company’s Chief Executive Steve Burke in a memo to employees. 

However, one early investor is seeing a big windfall. Saint Francis Academy in Northern California initially invested $15,000 in Snap back in 2012 when the company was in its early days. When the price of a Snap share jumped, the school sold two-thirds of its shares coming away $24 million richer.

The Venice-based company is now worth more than $28 billion. Snap Inc., is owned by Evan Spiegel and Bobby Murphy and employs 1,859 people.

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